The Vietnam forklift market is experiencing rapid expansion, driven by the country's booming manufacturing sector, e-commerce growth, and logistics infrastructure development. The market is projected to grow at rates exceeding 15% through 2027, reflecting Vietnam's emergence as a Southeast Asian industrial powerhouse.
Market Size and Growth
Vietnam imported nearly US$180 million** worth of forklifts in 2023, with imports already approaching **US$80 million in just the first five months of 2024. The electric forklift segment alone is valued at US$180 million**, driven by government incentives for sustainable technologies. The forklift rental market is significantly larger at **US$1.2 billion, reflecting strong demand for flexible material handling solutions.
The country relies heavily on imports, with China, Japan, and Singapore as the primary sources. Major exporters to Vietnam include Anhui Heli, Mitsubishi Logisnext, and UMW Equipment.
Key Brands and Distributors
Major global brands present in Vietnam include Toyota Material Handling, Mitsubishi Logisnext, Komatsu, Linde, Hyundai, and Doosan.
Local Distributors:
Binh Minh Forklift Company – Leading distributor representing Heli forklifts.
Ky Luc Co., Ltd. (KLC) – Authorized exclusive dealer for Yale forklifts.
Tan Chong Industrial Machinery – Distributor for Unicarriers and refurbished Nissan forklifts.
Forklift Plus – Supplier of genuine Hangcha diesel forklifts with nationwide service network.
Marubeni Heavy Equipment (MHE) – Sole distributor for Komatsu in Vietnam.
Sumitomo NACCO Forklift Vietnam – Joint venture assembling forklifts locally in Hanoi.
Diesel vs. Electric: Cost Comparison
Factor 3-Ton Diesel 3-Ton Electric (Li-ion)
Purchase Price 250–300 million VND ($10,000–$12,000) 380–450 million VND ($15,000–$18,000)
Daily Fuel/Energy Cost 200,000 VND 110,000 VND
Annual Operating Cost 90–100 million VND Significantly lower
Best For Outdoor, construction sites Indoor warehouses, factories
Diesel forklifts are cheaper upfront, but electric models offer 60–70% lower operating costs and zero emissions.
Rental Market
Rental is a popular option for Vietnamese businesses. Monthly rental rates range from 10–15 million VND for a 1.5-ton diesel forklift to 22–30 million VND for an 8-ton unit. Electric and reach truck rentals range from 13–25 million VND/month.
The bottom line: Vietnam's forklift market is growing at over 15% annually, driven by manufacturing and logistics expansion. Major brands include Toyota, Mitsubishi, Komatsu, Heli, Hangcha, and Yale. Chinese imports dominate supply, while electric forklifts are gaining share due to government incentives and lower operating costs.